© Dukascopy Bank SA
– Ilya Spivak (based on Daily FX)
Pair's Outlook
The common European currency began a retreat against the US Dollar on Friday, and the pair continues to move lower on Monday, as by 5:00 GMT it had reached below the newly formed, weekly PP at 1.1281. As the weekly PP's support has been passed, it is most likely that the currency exchange rate will find support in the monthly R1 at 1.1263 and rebound against this level. In addition, the daily aggregate technical indicators forecast a surge for the pair during today's trading session.
Traders' Sentiment
Traders are largely bearish on the pair, as 63% of open positions are short on Monday, which is close to being oversold. In the meantime, pending commands are 57% to sell.
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